Research from the Gradual Homeownership provider, Wayhome, has found that a large proportion of hopeful homebuyers are experiencing significant levels of anxiety with regard to their ability to get a foot on the housing ladder, with high house prices and the initial cost of a deposit the primary factors behind this anxiety.
This week is Mental Health Awareness Week, with the theme this year centred around anxiety.
The survey of those who hope to buy a home, commissioned by Wayhome to mark Mental Health Awareness Week, asked how anxious they felt on a scale of one to 10 about not being able to make it onto the property ladder.
The results found that a notable 41% marked their anxiety levels at a ten. A further 40% of those surveyed marked their anxiety levels between 5 and 9.
When asked which factors contributed the most towards their feelings of anxiety, the fact house prices were too high ranked top.
The inability to gather a large enough deposit for a mortgage was the second biggest factor, while the ability to secure a mortgage even with a deposit saved also ranked within the top three.
55% also stated that they weren’t confident in their ability to eventually make it onto the property ladder.
What’s more, 56% stated that societal pressure to purchase a home increased their levels of anxiety, with as many as 40% believing that the anxiety caused by their inability to get a foot on the ladder has had a negative impact on their mental health.
Co-founder and CEO of Wayhome, Nigel Purves said, “As a nation, owning our own home is one of life’s primary aspirations and achieving it is a source of great joy and accomplishment. However, for many, it’s a milestone that seems wholly unattainable due to high house prices and the seemingly impossible task of accumulating a deposit and securing a mortgage.
The pressure many feel because of their failure to have yet made it onto the ladder can lead to heightened levels of anxiety and it’s understandable that many also feel their mental health is impacted as a result.
It demonstrates that the need to address the UK housing crisis runs far beyond the simple need to put a roof over our heads and that much, much more must be done to ensure everyone has the opportunity to own their own home.
At Wayhome we recognise that many people can afford to rent the type of home they need, but can’t get a mortgage large enough to buy it, which can be a cause for stress and anxiety. That’s why we’ve pioneered Gradual Homeownership which makes owning a home, and the security that comes with that, accessible to more people.”